In a bid to revive industrial clusters in the country, especially manufacturers in Aba, Abia State, Fidelity Bank Plc has earmarked N600 million to fund at least 70,000 viable businesses within the state.
According to the bank, the intervention is expected to assist the revival of small businesses through ease of access to credit facilities as well as encourage the growth of aspiring businesses that have identified opportunities within the global value chain.
Speaking at a yearly SME forum organized by the bank in Lagos, recently, the Managing Director, Nnamdi Okonkwo explained that the bank explores opportunities available in the SME sector in a bid to further drive the level of social impact derived from such businesses in the country.
“People wonder what we see in SMEs that we are ending to them. We see social impact, sustainable business model and relationship banking. We believe that with continued tenacity and determination as well as economic viability, the SME sector can be revamped and interventions become effective.
“Over 70,000 viable businesses in Aba are not being given adequate attention, especially in the area of financing to build their capacity. Fidelity Bank has earmarked N600 million for the Aba cluster and we hope to formally unveil this product soon”, he added.
Similarly, President of Abia Think Tank Association (ATTA) and Chairman of the occasion, Mazi Sam Ohuabunwa advocated a change in paradigm, especially for intervention in the SME sector.
“Innovation entrepreneurship is the major difference between developed and developing economies. Hitherto, developed countries depend on the big firms but the trend is changing in today’s economic clime. It is important to drive growth of SME industrial groups and enterprise development.
“Social challenges would linger for a longer while if small businesses are ignored. It is not just enough to lend money to SMEs but also create sustainable partnerships with them. I believe access to venture capitalists would drive sustainability of finance to small businesses”, Ohuabunwa added.
On his part, Chief Executive Officer of Zinox Group, Leo Stan Ekeh urged entrepreneurs to take advantage of opportunities in the country noting that the window of profit lies in developing countries like Nigeria, a move necessitating the inflow of foreign investors into the country.
Furthermore, founders and business executives of Mainone, Jumia Nigeria, Swift Networks and Easy Taxi urged entrepreneurs to leverage technology in driving their businesses as part of efforts to sustain it and reach a wider segment of consumers.
